XRP Price Targets $5 as SEC Acknowledges Bitwise’s XRP ETF
Key Highlights:
- The SEC’s acknowledgment of Bitwise’s XRP ETF fuels optimism for a potential price surge to $5.
- Rising institutional interest in XRP suggests a strong bullish trend.
- Analysts predict an even higher target of $18 if key resistance levels are breached.
XRP Community Remains Optimistic Amid SEC’s Recognition
The XRP community is buzzing with excitement following the Securities and Exchange Commission’s (SEC) acknowledgment of Bitwise’s XRP exchange-traded fund (ETF). This marks the third XRP ETF to receive such recognition, following previous acknowledgments of ETFs from Grayscale and 21Shares. The latest development has renewed hopes for a significant price breakout despite the current market downturn.
Analysts Predict XRP’s Surge to $5 and Beyond
While XRP is currently in a bearish phase, analysts remain confident about its long-term potential. Well-known crypto analyst Dark Defender has identified $5.85 as the next key Fibonacci level for XRP. In a recent post on X, he highlighted that XRP has already surpassed two resistance levels, making the $5.85 target a strong possibility. Achieving this would represent a 261.80% increase.
Additionally, another major Fibonacci level stands at $18.23, indicating a potential surge of 361.80% if XRP gains enough momentum. Analysts maintain an optimistic outlook, reinforcing their belief in XRP’s upward trajectory.
SEC’s Recognition of XRP ETFs Boosts Market Confidence
The SEC’s acknowledgment of Bitwise’s XRP ETF is seen as a positive step for the token’s future. This follows last week’s acknowledgment of 21Shares’ XRP ETF, further solidifying institutional interest in the cryptocurrency market. Many in the crypto space view these developments as bullish signals for XRP’s price movement.
Institutional Adoption and Regulatory Progress
Institutional adoption of XRP continues to grow, with major financial entities actively positioning themselves in the market. Grayscale has filed to convert its XRP Trust into an ETF, while exchanges such as CBOE and Nasdaq have submitted 19b-4 filings for XRP ETF listings. Additionally, MEMX has proposed an XRP ETF to the SEC, categorizing it as a commodity-based trust, similar to previously approved Bitcoin and Ethereum ETFs.
Despite these positive trends, the SEC’s final approval of the XRP ETFs remains uncertain. However, increasing institutional participation suggests that regulatory clarity could be on the horizon.
Market Trends Indicate Potential for New Highs
At the time of writing, XRP is trading at $2.50, reflecting a 5.18% decline in the past 24 hours. However, over the past week, the token has experienced a 4.5% gain despite a 21% drop over the past month. XRP’s 24-hour trading volume has risen by 4.2% to reach $5.08 billion, signaling sustained investor interest.
Supporting Dark Defender’s analysis, market expert Solberg Invest has suggested that XRP is “on the verge of something big.” His projection indicates that XRP could soon reach $4.4 if the current momentum continues.
With growing institutional backing and regulatory recognition, many believe that XRP is positioning itself for a significant price breakout in the near future.
